Core Viewpoint - The Shandong Provincial Government has issued an action plan to attract and cultivate long-term capital to support high-quality development in the region, aiming for significant growth in venture capital investment by 2027 [1] Group 1: Long-term Capital Attraction - The action plan aims to attract well-known national venture capital institutions to establish regional headquarters or branches in Shandong [2] - It encourages various financial entities, including insurance funds and commercial banks, to set up or invest in venture capital funds in the province [2] - The plan promotes corporate venture capital (CVC) investments from Shandong's listed companies and major tech enterprises along the industrial chain [2] Group 2: Promotion of Venture Capital - There will be increased policy support for venture capital institutions focusing on original and leading technological innovations [2] - A risk compensation mechanism will be established for seed and early-stage enterprises to encourage investment in hard technology [2] - The plan advocates for "early incubation" and "deep incubation" models to support hard tech companies [2] Group 3: Government Investment Fund Management - A differentiated assessment system for state-owned venture capital will be constructed to optimize the evaluation of government investment funds [3] - The assessment will focus on the functional role of funds rather than solely on financial returns from individual projects [3] - A fault-tolerance mechanism will be established to protect fund managers and state investors under certain policy conditions [3]

Core Viewpoint - The Shandong Provincial Government has issued an action plan to promote high-quality development of venture capital by enhancing the "raise-invest-manage-exit" cycle and attracting long-term capital to support economic growth in Shandong [1] Group 1: Long-term Capital Development - The action plan aims to cultivate and guide long-term capital to support innovation and economic development in Shandong [1] - By the end of 2027, the annual growth rate of venture capital investment in Shandong is targeted to exceed 10%, with a management scale surpassing 400 billion yuan [1] - The number of existing funds is expected to remain around 3,800, with over 80% of venture capital funds focusing on early-stage, small investments in hard technology [1] Group 2: Investment and Financial Integration - The plan emphasizes the penetration rate of equity investment in enterprise listings to exceed 90% [1] - It aims to create a high-level cycle among industry, technology, and finance, establishing Shandong as a national pilot zone for technology and finance reform [1] Group 3: Specific Actions - The action plan outlines five key areas: long-term capital cultivation, promotion of venture capital, enhancement of government investment fund management, expansion of exit channels, and optimization of the venture capital environment [1]